racer254 Posted October 8, 2020 Share Posted October 8, 2020 Joe And Jill Biden Raked In $13.3M Just In One Year But They Used Tax Loopholes To Claim Only $750K In Income After the New York Times story broke about President Donald Trump’s apparent tax issues, Democrats have taken advantage. They’re calling out the Commander-in-Chief for only paying a small amount in personal income tax in recent years. However, Democratic presidential hopeful Joe Biden might face a similar issue. According to a report in the Wall Street Journal, the Bidens found a way to keep most of the $13.3 million they earned between 2018 and 2019. The report claims the Bidens used a tax loophole, S Corporations, to keep their income taxes low. From Western Journal, citing the WSJ article: Joe and his wife Jill Biden funneled millions in income through a pair of S corporations they set up in Delaware as a way to circumnavigate paying Social Security and Medicare taxes. As it turns out, Joe and Jill earned about $13.3 million due largely to book royalties and speaking fees. But they reportedly only claimed $750,000 of that $13.3 million as actual income. The other 94 percent of the money went through the S corporations, which stopped it from being subject to the 15.3 percent combined Social Security and Medicare tax rate (per CNBC). Evidently, this is a common way to avoid paying a lot of taxes if you pull in a ton of money. One could argue that the book royalties and speaking fees the Bidens received should’ve been counted as a form of income. On the flip side, the Bidens aren’t the only wealthy individuals who have used S corporations to keep a hefty portion of their cash. Even so, if this story makes the rounds, Joe Biden might have to explain this situation. Both candidates will be under the microscope during debate season, after all and now it looks like taxes will be a topic for both. Key Takeaways: Democrats go after Trump for his income taxes. But the Bidens may be guilty of something similar. The couple brought in $13.3 million between 2017 and 2018, but only claimed $750,000 as income. The Bidens funneled the money through S Corporations to shield themselves from the Social Security and Medicare tax rate. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted October 8, 2020 Share Posted October 8, 2020 you do realize that SS taxes are only paid on the first $137,700 right Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 8, 2020 Share Posted October 8, 2020 49 minutes ago, racer254 said: Joe And Jill Biden Raked In $13.3M Just In One Year But They Used Tax Loopholes To Claim Only $750K In Income After the New York Times story broke about President Donald Trump’s apparent tax issues, Democrats have taken advantage. They’re calling out the Commander-in-Chief for only paying a small amount in personal income tax in recent years. However, Democratic presidential hopeful Joe Biden might face a similar issue. According to a report in the Wall Street Journal, the Bidens found a way to keep most of the $13.3 million they earned between 2018 and 2019. The report claims the Bidens used a tax loophole, S Corporations, to keep their income taxes low. From Western Journal, citing the WSJ article: Joe and his wife Jill Biden funneled millions in income through a pair of S corporations they set up in Delaware as a way to circumnavigate paying Social Security and Medicare taxes. As it turns out, Joe and Jill earned about $13.3 million due largely to book royalties and speaking fees. But they reportedly only claimed $750,000 of that $13.3 million as actual income. The other 94 percent of the money went through the S corporations, which stopped it from being subject to the 15.3 percent combined Social Security and Medicare tax rate (per CNBC). Evidently, this is a common way to avoid paying a lot of taxes if you pull in a ton of money. One could argue that the book royalties and speaking fees the Bidens received should’ve been counted as a form of income. On the flip side, the Bidens aren’t the only wealthy individuals who have used S corporations to keep a hefty portion of their cash. Even so, if this story makes the rounds, Joe Biden might have to explain this situation. Both candidates will be under the microscope during debate season, after all and now it looks like taxes will be a topic for both. Key Takeaways: Democrats go after Trump for his income taxes. But the Bidens may be guilty of something similar. The couple brought in $13.3 million between 2017 and 2018, but only claimed $750,000 as income. The Bidens funneled the money through S Corporations to shield themselves from the Social Security and Medicare tax rate. Getting a little nervous? Lol Quote Link to comment Share on other sites More sharing options...
racer254 Posted October 8, 2020 Author Share Posted October 8, 2020 Not at all. Quote Link to comment Share on other sites More sharing options...
racer254 Posted October 8, 2020 Author Share Posted October 8, 2020 44 minutes ago, Angry ginger said: you do realize that SS taxes are only paid on the first $137,700 right I guess that means he probably went through a bunch of S corps then. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted October 8, 2020 Share Posted October 8, 2020 there are all sorts of rules to make sure SS gets paid. I am not saying people every day don't use tax loopholes including Biden and trump but if he claimed 750k in income he prob made the max for SS. Quote Link to comment Share on other sites More sharing options...
racer254 Posted October 8, 2020 Author Share Posted October 8, 2020 7 minutes ago, Angry ginger said: there are all sorts of rules to make sure SS gets paid. I am not saying people every day don't use tax loopholes including Biden and trump but if he claimed 750k in income he prob made the max for SS. Yes, so trump and biden are doing the same regarding taxes. Probably just like most everyone, right? So, why is trump is the only person concerned about regarding taxes? Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 8, 2020 Share Posted October 8, 2020 5 minutes ago, racer254 said: Yes, so trump and biden are doing the same regarding taxes. Probably just like most everyone, right? So, why is trump is the only person concerned about regarding taxes? Because he’s the only one hiding his taxes, dummy. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted October 8, 2020 Share Posted October 8, 2020 9 minutes ago, spin_dry said: Because he’s the only one hiding his taxes, dummy. Quote Link to comment Share on other sites More sharing options...
racer254 Posted October 8, 2020 Author Share Posted October 8, 2020 9 minutes ago, spin_dry said: Because he’s the only one hiding his taxes, dummy. Well, then how does the NY times know and every one on here seem to know what he pays in taxes? LOL Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 8, 2020 Share Posted October 8, 2020 2 hours ago, racer254 said: Well, then how does the NY times know and every one on here seem to know what he pays in taxes? LOL Fucking mouth breather Quote Link to comment Share on other sites More sharing options...
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